Between 26 November and 1 December 2025 Clara announced USD 70 million of structured debt in three facilities with BBVA Spark, IFC and Banco Covalto. On 4 and 5 February 2026 it renewed its USD 150 million facility with Goldman Sachs, taking its total debt capacity above USD 250 million. It matters because it shows how a corporate card issuer funds its receivables with banks, multilateral institutions and global lenders rather than with equity.
The transaction
Clara operates corporate cards, supplier payments and spend management in Mexico, Brazil and Colombia; it has been a unicorn since 2021 and raised USD 80 million of equity in April 2025. The three November 2025 facilities came from BBVA Spark in Colombia and from IFC and Covalto in Mexico; rate, tenor and collateral structure were not disclosed. The company then reported around 20,000 client organisations and describes itself as among the top three commercial card issuers in Colombia and Mexico. Its debt relationship with Goldman Sachs dates from 2022.
The February 2026 renewal with Goldman Sachs is for USD 150 million; the stated use is infrastructure and larger lines for clients across cards, supplier payments, cross-border payments and TravelPay. Clara reported more than 30,000 client companies, profitability in Brazil and near profitability in Mexico, and clients such as Smart Fit, Holcim, OCESA, Viva Aerobus and the Mexican Stock Exchange. Its equity investors include General Catalyst, Kaszek, DST and Coatue.
Value drivers
Short-duration receivables with corporate obligors. Corporate card receivables turn over in weeks and the obligors are companies. In our reading, that explains the simultaneous appetite of a bank, a multilateral and a global lender.
Local lenders by country. BBVA Spark in Colombia; IFC and Covalto in Mexico. In our reading, matching the currency and jurisdiction of the receivables with the lender reduces cost and complexity relative to a single dollar facility.
Profitability as the basis for renewal. Brazil profitable and Mexico close. A renewal is not a new facility: it rests on a four-year track record with Goldman Sachs.
Direct comparable: Jeeves. In December 2025 Jeeves obtained USD 100 million through a special purpose vehicle from Community Investment Management, which raised its facility from USD 75 to 175 million, with Mexican revenue up 250% in twelve months and net retention above 130%. Same segment, different structure: an SPV with a private credit fund versus bank facilities.
What the market is signalling
Corporate issuers with scale in Mexico find lenders in four categories: banks (BBVA Spark, Covalto), multilaterals (IFC), global investment banks (Goldman Sachs) and private credit (Community Investment Management). In our reading, there is a debt market for receivables in Mexican and Colombian pesos for anyone with volume and data.
The proportion is also a signal: USD 80 million of equity in April 2025 against USD 220 million of debt closed or renewed in ten weeks. For this model, debt is the main source of growth capital, and equity funds product and team.
G2’s reading for a mandate
In a debt mandate, preparation starts with the loan tape and the periodic reporting the lender will require; the process must run in parallel with banks, multilaterals and private credit; and the renewal calendar must be planned so that it does not coincide with an equity round, because a renewing lender and an incoming investor read the same information with different horizons.
Sources
- LatamList, 27 November 2025: Clara raises $70M in debt
- Financial IT, 1 December 2025: Clara announces USD 70 million debt financing to support growth of payments products
- Forbes México, 5 February 2026: Unicornio Clara obtiene línea de crédito de 150 mdd de Goldman Sachs
- Ecosistema Startup, 4 February 2026: Clara renueva línea de crédito por $150M con Goldman Sachs
- LatamFintech, 11 December 2025: Jeeves obtiene US$100M para acelerar su plataforma de automatización financiera empresarial en México
- LexLatin, 6 January 2026: Community Investment Management financia a la fintech Jeeves